Just one year ago there were but a handful of full ownership properties listed for sale in the Teton County Multiple Listing Service for less than $300,000. A quick search today finds there are now 26 such properties.
Some of the highlights of these listings include:
- The least expensive is a 2-bed, 1-bath, 800-square-foot unit located on Deer Drive about 2 miles south of Jackson. Newly listed today at $219,000, this is one of 5 active listings in the Hillside Business Condominium development listed below $305,000. One of these units closed for $380,000 in 2005.
- The least expensive in the Town of Jackson is a 1-bed, 1-bath, 463-square-foot unit in the Kelly Street Condos listed for $242,000, followed closely by two units in Brookside (1-bed, 1-bath, 450 square feet) both listed at $257,000. A Brookside sold for $400,000 less than two years ago.
- There are now four of the somewhat standard 1-bed, 1-bath, 776-square-foot units available in the Aspens/Racquet Club for less than $300,000. Several are either short sales or bank-owned properties. These units sold for at least $510,000 in 2007.
- There are now seven units for sale in the Meadowbrook subdivision listed between $289,000 and $329,000. These 1 and 2-bed units that are between 640 and 1,048 square feet (most are approximately 760) sold for as much as $445,000.
Obviously the low end of the Jackson Hole market has seen a significant erosion of list and sales prices since the beginning of the current downturn, just like the rest of the county. However, this segment has been one of the last to correct, with sellers of these low-end properties waiting longer to reduce prices (or accept offers significantly less than the list price) than those with more expensive properties.
So, has the low end seen the bottom yet? Contact me to see where I think this market will be in six months and which indicators to keep an eye on between now and then. Links to all properties mentioned, as well as comparable market analyses for each neighborhood, are also available.